Which of the following miscellaneous deductions are subject to the 2% of adjusted gross income limitation?
A)Unreimbursed employee business expenses.
B)Investment counsel and advisory fees.
C)Safe deposit box fees.
D)All of these.

Question

Quizplus · Accepted Answer

All of these miscellaneous deductions are subject to the 2% of adjusted gross income limitation. This means that a taxpayer can only claim a deduction for these expenses to the extent that they exceed 2% of their adjusted gross income. For example, if a taxpayer has $100,000 of adjusted gross income, they would need to have more than $2,000 in unreimbursed employee business expenses, investment counsel and advisory fees, and safe deposit box fees combined in order to claim a deduction for any of these expenses.

Which of the Following Miscellaneous Deductions Are Subject to the 2